The Real Deal Miami

Inventory declines, days on market increase

November 11, 2008 01:21PM

The number of single-family homes for sale in Palm Beach, Broward and
Miami-Dade counties decreased 7.4 percent between August and October, but the average
number of days a home spent on the market increased 7.5 percent, according to
an October report from Altos Research and Real IQ. It takes about six months
for the average home to attract a buyer, the report said. Realtors have predicted steep declines in new and existing home sales, particularly in Florida, for the rest of 2008.